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Company Accounts

20 Questions  I  By Sweetsalman123
Company Accounts

  
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1.  Gopal was holding 100 shares of 10 each of a company on which he had paid Rs. 3 on application and Rs. 2 allotment, but could not pay Rs. 2 on first calll Forfeited shares a/c Will be credited with  
A.
B.
C.
D.
2.  Ashok Ltd purchased land and building from Vivek Ltd for a book value of Rs.2,00,000. The consideration was paid by issue of 12% debentures of Rs.100 each at a discount of 20%. The debenture account is credited witha
A.
B.
C.
D.
3.  A Ltd. forfeited 400 shares of Anil of Rs. 10 each fully called up for non payment of final call of Rs. 2 per share and reissued to Sunil as fully paid for Rs. 10 per share. Amount transferred to Capital Reserve will be  
A.
B.
C.
D.
4.  Rich Ltd. had 3,000,12% Redeemable preference shares of Rs. 100 each, fully paid-up. The company issued 25,000 equity shares of Rs.10 each at par and 1,000 14% debentures of Rs. 100 each. All amounts were received in full. The payment was made in full. The amount to be transferred to Capital Redemption Reserve Account is  
A.
B.
C.
D.
5.  Issued 2000,12% Debentures of Rs. 100 each at a discount of 2% redeemable at a premium of 5%. Loss on issue of debentures will be  
A.
B.
C.
D.
6.  According to Section 78 of the Compaines Act,the amount in the securities premium A/c can be used for the purpose of
A.
B.
C.
D.
7.  On 1st Jan. 2001, a Limited Co. issued 14% Rs. 1,00,000 debentures at a discount of 6% repayable at the end of 5 years. Amount of discount to be written off every year will be  
A.
B.
C.
D.
8.  Debenture holders are    
A.
B.
C.
D.
9.  Preference share amounting to Rs.2,00,000 are redeemed at a premium of 5% by issue of share amounting to Rs.1,00,000 at a premium of 10% the amount to be transferred to capital redemption reserve account will be    
A.
B.
C.
D.
10.  Ravi Ltd. issued 1,40,00,000, 9% debentures of Rs.100 each at a discount of 6%, redeemable at a premium of 5% after 3 years payable as Rs.50 on application and Rs.44 on allotment. Total amount of discount/loss on issue of debenture will be  
A.
B.
C.
D.
11.  X Ltd. forfeited 100 shares of Rs. 10 each issued at a discount of 10% to Ravi on which he had paid Rs. 2.50 per share on application and Rs. 2.50 per share on allotment. But on which he had not paid Rs. 2 on first call share capital in case of forfeiture will be debited by
A.
B.
C.
D.
12.  A collateral security of 8,000 10% Debentures of Rs.lO'each has been issued at a premium of 25% to A in lieu of a loan of Rs.1,00,000 taken on 1st January, 2006. At the end of the year, interest was paid on:  
A.
B.
C.
D.
13.  Brave Ltd. issued 60,000 shares of Rs. 10 each at a discount of Re. 1 per share. The application money was Rs. 2, allotment money was Rs. 4, and first call was of Re.1. The amount of final call will be  
A.
B.
C.
D.
14.  As per the Companies Act, "Interest accrued and due on debentures" should be shown  
A.
B.
C.
D.
15.  Mr. Big who was the holder of 200 equity shares of Rs.100 each on which Rs.75 per share has been called up could not pay his dues on allotment and first call each at Rs.25 per share. The Directors forfeited the above shares and reissued 150 of such shares to Mr. Small at Rs.65 per share paid-up as Rs.75 per share. The amount to be transferred to Capital Reserve account will be                       
A.
B.
C.
D.
16.  S Ltd. issued 2,000,10% Preference shares of Rs.100 each at par, which are redeemable at a premium of 10%. For the purpose of redemption, the company issued 1,500 Equity Shares of Rs.100 each at a premium of 20% per share. At the time of redemption of Preference Shares, the amount to be transferred by the company to the Capital Redemption Reserve Account will be  
A.
B.
C.
D.
17.  Interest  is calculated on
A.
B.
C.
D.
18.  Green Ltd. Issued 5,000, 6% debentures of Rs.100 each at a discount of 5% repayable after 5 years at a premium of 5%. Total loss on issue of debentures will be         
A.
B.
C.
D.
19.  Wright Ltd. Issued 40000, 8% debentures of Rs.10 each at par which are redeemable after 8 years atapremium of 20%. The amount of loss on redemption of debentures to be written off every year will be 
A.
B.
C.
D.
20.  Asha Deep Company Ltd. issued 1,00,000, 7% debentures of Rs-100 each at a discount of 4% redeemable after 5 years at a premium of 6%. Loss on issue of debentures is  
A.
B.
C.
D.
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